JACKSONVILLE, Fla., Aug. 31 /PRNewswire-FirstCall/ -- Flagler Development Group ("Flagler") the commercial real estate arm of Florida East Coast Industries, Inc. (NYSE: FLA) ("FECI"), today announced the launch of Downtown Doral, a 120-acre mixed-use development destined to become a true city center for the new city of Doral. "Downtown Doral will be vital to Doral because it is creating a true city center which will allow people to live near their work, an option that Doral has been longing for," said Armando Codina, President and CEO of Flagler. The development is a joint venture with institutional investors advised by JPMorgan Asset Management - Real Estate. The venture holds an exclusive option to acquire and redevelop 77 acres within the 120 acre project.
Over the next seven to ten years, Flagler, in tandem with a world-renowned team of architects, urban planners and landscape architects, will transform the 120-acre parcel into a vibrant, meticulously planned live-work-play community that is to be the heart of the City of Doral.
The mixed-use development will rise on the site of the former Koger Center, now Doral Center, and will include residential condominiums and town homes, retail shops and restaurants, Class-A office buildings, parks and open spaces, a site for a new school and possibly a new city hall for the City of Doral.
Downtown Doral lies on both sides of NW 53rd Street between NW 87th Avenue and NW 79th Avenue.
The development's mix of residential, offices and retail includes 2,840 residential units, 180,000 sq ft of retail space, and 400,000 sq ft of new class 'A' office space that will lend itself to national tenants for either a corporate or regional headquarters.
Downtown Doral will also feature a three-acre park for public enjoyment, tree-lined streets and medians, and a main boulevard called Paseo Doral, which will include townhouses complemented with beautiful landscaping, fountains and shade pavilions.
Perpendicular to Paseo Doral will be Downtown Doral's Main Street, a vibrant mix of restaurants and shops, cafes and store fronts.
Downtown Doral will be built in phases as the market demands. The project's initial phase includes a 70,000 square foot class 'A' office/condominium and two residential condominium offerings.
The office condominium, 7950 Professional Center, will be a fully- renovated office building, and will offer a broad range of office space options, from 900 sq ft suites, to full floors of 23,000 sq ft. Prices start at the mid $200's per square foot. The building has ample parking and a highly visible location on the corner of NW 79th Avenue and NW 53rd Street.
The first of the residential condominium components is Cardinal a 16- story, 205-unit luxury residential building overlooking the Doral Golf Resort and Spa's White Course and the Blue Monster. The residential tower will include a pool and exercise room at the amenity level. The Cardinal will also feature townhomes with entry stoops along the adjoining streets. Prices for the residential condominiums will range from $300,000 to over $1,000,000, with units ranging in size from 640 sq ft to 2,900 sq ft.
The second residential condominium offering is a four-story building that will feature 224 residential units ranging in size from 700 to 1,300 sq ft. Prices will begin in the mid $200's. Sales for both residential projects will commence later this year.
"This project will have a true pedestrian orientation and will take the best of Florida's architecture from past and present, providing a center - a heart - for Doral. This project will not only have an enormous impact on Doral, but also on Miami-Dade, for not only years, but for generations to come. It will simply revolutionize the way people live in Doral," says Codina.
"Since one of the area's major challenges is traffic," he adds, "we want to convey that in order to achieve the proper residential, retail and office mix, we are eliminating one million square feet of existing office space, and replacing it with this new community, a community that ensures a traffic balance not currently achievable in Doral. The city is the largest work center in the county, and historically, most people come to work at the same time, and leave at the same time, causing serious traffic congestion. What Downtown Doral will do is balance traffic flows, since different components will be busy at different times of the day."
For additional information about Downtown Doral visit us at www.downtowndoral.com.
Florida East Coast Industries (FECI) acquired the Codina Group in April 2006. Flagler Development Company, an FECI subsidiary, and Codina Group were combined and renamed Flagler Development Group. Flagler Development Group will be the managing member of the joint venture and developer of the project. Codina Realty Services is currently the leasing agent and property manager of the office park.
Flagler Development Group (Flagler) owns, develops, leases and holds in joint ventures approximately 8.8 million square feet of Class-A office and industrial space, as well as an additional 753,000 square feet under construction. Flagler space consists of Class-A office and industrial properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. In addition, Flagler provides construction, consulting, third party management (approximately 12 million square feet) and brokerage services and owns 846 acres of entitled land in Florida, which is available for development of up to an additional 16 million square feet. Flagler also owns approximately 3,158 acres of other Florida properties. For more information, visit the Company's website at http://www.flaglerdev.com.
Florida East Coast Industries, Inc., (FECI) headquartered in St. Augustine, FL, conducts operations through Flagler|Codina Development (Flagler) and Florida East Coast Railway, L.L.C (FECR). FECI conducts its real estate operations through Flagler. Flagler owns, develops, leases and holds in joint ventures approximately 8.8 million square feet of Class-A office and industrial space, as well as an additional 753,000 square feet under construction. Flagler space consists of Class-A office and industrial properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. In addition, Flagler provides construction, consulting, third party brokerage and property management (approximately 12 million square feet) services and owns 846 acres of entitled land in Florida, which is available for development of up to an additional 16 million square feet. Flagler also owns approximately 3,158 acres of other Florida properties. Florida East Coast Railway, L.L.C. (FECR), a subsidiary of FECI, is a regional freight railroad that operates 351 miles of mainline track from Jacksonville to Miami and provides intermodal drayage services at terminals located in Atlanta, Jacksonville, Ft. Pierce and Miami. For more information, visit the Company's website at http://www.feci.com .
About JPMorgan Asset Management:
JPMorgan Asset Management is a global asset management leader providing world-class investment solutions to institutions, individuals and financial intermediaries. The firm is responsible for more than $898 billion in assets under management, including $41.1 billion in real estate managed by JPMorgan Asset Management - Real Estate, as of June 30, 2006*. With a 36-year history of successful investing and a staff of more than 200 real estate professionals, JPMorgan Asset Management - Real Estate identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells commercial properties, on behalf of its clients. JPMorgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate markets provide critical insights for its institutional clients in both the public and private markets.
*Based on AUM for the Asset & Wealth Management (JPMAM, PB, PCS)
division of JPMorgan Chase & Co. as of June 30 2006.
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include the Company's present expectations or beliefs concerning future events. These statements may be identified by the use of words like "plan," "expect," "see," "aim," "believe," "project," "anticipate," "intend," "estimate," "will," "should," "could," "may," and other expressions that indicate future events and trends. The Company cautions that such statements are necessarily based on certain assumptions, which are subject to risks and uncertainties that could cause actual results to materially differ from those contained in these forward-looking statements. Important factors that could cause such differences include, but are not limited to, changes in the general and local real estate market or in general economic conditions, and other risks inherent in the real estate business. Further information on these and other risk factors is included in the Company's filings with Securities and Exchange Commission, including the Company's most recently filed Forms 10-K and 10-Q. The Company assumes no obligation to update the information contained in this news release, which speaks only as of its date.
SOURCE Florida East Coast Industries, Inc.
CONTACT: Investors, Bradley D. Lehan of Florida East Coast Industries, +1-904-819-2128; or Media, Israel Kreps, [email protected], or Cristina Planas, [email protected], both of Kreps DeMaria PR, +1-305-663-3543, for Florida East Coast Industries
